Level 3 Communications Unit To Offer $500 Mln Of Senior Unsecured Notes

(RTTNews) - Level 3 Communications, Inc. (LVLT) said that its subsidiary, Level 3 Financing, Inc., plans to offer $500 million aggregate principal amount of senior unsecured notes that will mature in 2023 and will bear interest at a fixed rate, in a proposed private offering to qualified institutional buyers.

Level 3 Financing's obligations under the notes will be fully and unconditionally guaranteed on an unsecured basis by Level 3 Communications.

The net proceeds from the offering of the notes, together with cash on hand, will be used to redeem all $500 million aggregate principal amount of Level 3 Financing's 9.375 percent senior notes due 2019.